How Chams, eTranzact, CWG made ₦59bn in six months

That is Comply with the Cash, our weekly sequence that unpacks the earnings, enterprise and scaling methods of African fintechs and monetary establishments. A brand new version drops each Monday. 

Income is the lifeblood of any enterprise. For tech companies listed on the NGX, income development has translated into revenue that excites buyers and boosts share worth.

From software program offers and airtime gross sales to IT help, three tech corporations — Chams, eTranzact, and CWG — generated a mixed ₦59.93 billion ($39.11 million) within the first half of 2025, up 29.17% from ₦46.39 billion ($30.27 million) in the identical interval of 2024. Collectively, they booked ₦15.95 billion in gross revenue, 43.49% larger than H1 2024.

These companies are additionally successful on the NGX, with buyers betting on their prospects. CWG’s inventory worth has soared 117.45% this 12 months, closing at ₦16.20 per share on August 15. eTranzact has gained 63.85% to ₦10.65, whereas Chams has risen 35.71% to ₦2.85.

So, how precisely are these corporations creating wealth and holding buyers comfortable?

Chams: Using on funds and ID card gross sales

For Chams, cost assortment (Chams core) and the gross sales of identification playing cards stay its important earnings streams. These two income strains contributed 70.10% of its ₦9.88 billion income in H1 2025.

The 40-year-old agency, which provides identification administration, safety, and transactional options, serves a variety of purchasers, together with authorities companies — the Unbiased Nationwide Electoral Fee, Nigerian Customs Service, Nationwide Well being Insurance coverage Scheme, Nigerian Communications Fee — and banks similar to First Financial institution, Keystone, and Sterling.

Whereas it nonetheless earns quite a bit from printing playing cards for business banks, Chams advised TechCabal in March 2025 that it has expanded into producing SIM playing cards.

“The growth into the manufacturing of SIM playing cards for telecommunications suppliers and initiatives in cross-border funds are key contributors to efficiency enhancement,” a spokesperson stated.

Regardless of recording an 18.80% income development, the agency’s value of gross sales elevated by 40.29% to ₦7.92 billion, primarily pushed by the ₦4.12 billion spent on enterprise course of outsourcing, reflecting its reliance on exterior sources.

This value, together with bills associated to identification administration (₦1.56 billion) and cost assortment (₦1.24 billion), lowered gross revenue by 26.63% to ₦1.96 billion. Revenue after tax fell 53.52% to ₦418.96 million.

Chams’ receivables rose by ₦2.02 billion to ₦8.14 billion, indicating delayed funds, whereas payables elevated barely by ₦112.27 million to ₦6.16 billion.

After recording a 42% year-on-year income development of ₦14.93 billion in 2024, its chairman, Demola Aladekomo, stated the corporate remained  “targeted on increasing our market presence by way of fundraising, capability enhancements at CardCentre, and continued partnerships at ChamsSwitch.”

He highlighted that these strikes exhibit the agency’s ambition to develop into a number one supplier of safe, cost-effective digital cost options. 

On August 5, Chams introduced plans to boost ₦7.65 billion by way of a rights concern and personal placement. The funds will probably be invested in an EMV-certified card personalisation plant, cross-border digital funds, and new switching infrastructure to enhance transaction reliability and pace.

These growth plans reveal the place Chams’ coronary heart is: doubling down on its two most useful income sources.

CWG: Betting on software program and IT infrastructure

As soon as identified for reselling Oracle {hardware}, CWG Plc has established itself as a full-stack IT firm offering software program, IT infrastructure, and managed providers for banks, telcos, and authorities throughout the continent.

In 2024, the agency almost doubled its income to ₦46.4 billion (up 97% from ₦23.5 billion in 2023), with revenue after tax rising 428% to ₦3.04 billion. A lot of this development got here from helping main banks similar to GTBank, UBA, and First Financial institution migrate to the Finacle core banking platform, in partnership with Infosys.

The agency continued its momentum in 2025, posting revenues of ₦36.77 billion, a 52.98% improve from ₦24.03 billion in H1 2024. Gross revenue surged 73.20% to ₦8.33 billion, whereas revenue after tax elevated 113.27% to ₦3.56 billion.

Software program, IT infrastructure, and managed help providers made up 97.98% (N36.02 billion) of income. In H1 2025, software program income alone grew 103.60% (N19.95 billion), with solely 43.71% (₦8.72 billion) coming from Nigeria; the remaining income originated from Ghana, Uganda, and Cameroon.

Managed help providers, together with software program help, {hardware} help, efficiency monitoring, on-site technical help, and upkeep, almost doubled to ₦9.67 billion. IT infrastructure providers, comprising tools gross sales and IT help, declined 26.51% to N6.40 billion.

Regardless of total income development, the agency’s value of gross sales, primarily prices to authentic tools producers, elevated 47.92% to ₦28.44 billion. CWG has achieved 79.25% of its 2024 full-year income inside six months and is on observe for extra.  

In June, it partnered with Taraba State to digitise and optimise its sports activities gaming income assortment processes. Additionally, it’s increasing into East Africa and the Center East this 12 months after experiencing success in its different African operations in 2024.

“We’re poised for much more important income and revenue development in 2025,” a CWG spokesperson acknowledged in an e mail to TechCabal in early 2025.

eTranzact: Airtime nonetheless king, fintech ambitions develop

For eTranzact, income declined 5.43% to ₦13.28 billion in H1 2025, however gross revenue elevated 39.58% to ₦6.44 billion as the price of gross sales decreased by 27.48% to ₦6.84 billion. Revenue after tax grew 18.32% to ₦1.51 billion.

Whereas the corporate didn’t present an in depth income breakdown, it has lengthy relied on airtime gross sales, which amounted to ₦16.83 billion in 2024 (56.29% of whole income).

After incomes ₦24 billion from cell airtime gross sales in 2023, Niyi Toluwalope, the corporate’s managing director and CEO, advised TechCabal that the main focus extends past airtime gross sales.

“We combination for the telcos as a result of the telcos wish to use trusted platforms to promote airtime,” he defined. “It isn’t a development product. We do it as a result of we exist. Our development drivers are switching and service provider buying. The long run income earner is our direct-to-consumer platform.”

The cost supplier operates primarily in switching, service provider buying, and client merchandise. Its consumer-facing choices embody PocketMoni (a fintech app), Company Pay (for wage funds), PayOutlet (service provider funds), SwitchIT (transaction processing), and Credo (a cost gateway for social commerce).

It has additionally began betting on AI to create sensible options for SMEs.

“At eTranzact, innovation is core to our values, and we’re dedicated to collaborating with policymakers, innovators, and SME leaders to develop sensible AI options that deal with actual enterprise wants,” Toluwalope stated on the latest launch of an AI report.

Whereas the agency continues to flirt with different ambitions, together with cell cash, airtime gross sales stay its spine.

The half-year outcomes of those companies — Chams, eTranzact, and CWG — mirror continued belief in Nigeria’s tech sector, which is championing the nation’s transition into a completely digitised financial system.

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